SECTION .0600 ‑ DIVIDENDS: DEPOSITS AND INTEREST REBATE

04 NCAC 06C .0601         DIVIDENDS

(a)  The board of directors may declare dividends pursuant to G.S. 54‑109.44 (5) and G.S. 54-109.54.

(b)  No dividend shall be declared or paid unless the credit union has satisfied the reserve requirements set forth in G.S. 54-109.86 and any other reserve account that shall be maintained as prescribed by the Administrator.

History Note:        Authority G.S. 54‑109.12; 54‑109.44(5); 54-109.54; 54-109.86; 54-109.87;

Eff. February 1, 1976;

Readopted Eff. April 4, 1978;

Amended Eff. October 1, 1983;

Readopted Eff. February 1, 2018.